ATRIUM – COMPANY PRESENTATION

THE LEADING OWNER & MANAGER OF

CENTRAL EASTERN EUROPEAN

SHOPPING CENTRES

March 2016

2

* Subject to any legal and regulatory requirements and restrictions of commercial viability All numbers in this presentation as reported in the 12M results to 31 December 2015 unless explicitly stated otherwise, incl. A 75% stake in Arkady Pankrac (Prague, the Czech Republic) and Standing Investments classified as assets held for sale

ATRIUM – LEADING OWNER & MANAGER OF CEE SHOPPING CENTRES

Research coverage by Bank of America Merrill Lynch, Baader Bank, HSBC, ING, Kempen, Raiffeisen and Wood & co

77 properties with a MV of c.€2.7bn and over 1.2 m² GLA

Focus on shopping centres, primarily food-anchored

FY15 GRI: €207.4m, NRI: €197.9m

EPRA EPS: €33.3, EPRA NAV per share: €5.64

Dividend per share: €0.27*

Strong management team with a proven track record

Central European focus with dominant presence in the most mature & stable countries

Robust balance sheet: 26.3% net LTV/ €224m cash

Investment grade rating with a “Stable” outlook by Fitch and S&P

Balance between solid income producing platform & opportunities for future growth

A UNIQUE INVESTMENT OPPORTUNITY

KEY FIGURES

3

POLAND

24

SLOVAKIA

3

CZECH REP.

18

HUNGARY

23

LATVIA

1

RUSSIA

7

ROMANIA

1

FOCUS ON THE MOST MATURE AND STABLE MARKETS IN CEE

100% focus on Central and Eastern Europe (CEE) including Russia

Core Markets (Poland, Czech Rep, Slovakia): 84% of MV/ 74% of NRI/ 87% in investment-grade countries*

85% of FY15 GRI is denominated in Euros, 5% in Czech Korunas, 6% in Polish Zlotys, 2% in USD and 2% in other currencies

GEOGRAPHIC MIX OF THE PORTFOLIO

* By MV based on S&P ratings/ 98% based on Fitch ratings

84%

5%

11%

BY MV

74%

6%

20%

BY NRI

Central European countries

Southern-Eastern European countries

Eastern European countries

(PL, CZ, SK)

(HU, RO)

(RU, LV)

4

RESTRUCTURING: MANAGEMENT MAKES A DIFFERENCE

WHERE WE STARTED

€1.6bn (Dec’08) STANDING INVESTMENT PORTFOLIO €2.7bn

93.6% (Dec’08) OCCUPANCY 96.9%

71% (FY08) OPERATING MARGIN 95.4%

€727m (Dec’08) DEVELOPMENT AND LAND €309.4m

61%, 8.3% (Dec’08) GROSS LTV, COST OF DEBT 33.8%, 3.7%

BB- (2009) CREDIT RATING BBB-

€24 cent p.s. (FY09) ADJ. EPRA EARNINGS €33.3 cent p.s.

€3 cent p.s. (FY09) DIVIDEND €27 cent p.s. (FY16)*

WHERE WE ARE TODAY

2013 2012 2011 2010 2015 2009 2014

* Subject to any legal and regulatory requirements and restrictions of commercial viability

5

STANDING INVESTMENTS PORTFOLIO DETAILED OVERVIEW

Country

No of properties

Gross lettable area

Market value 31/12/2015

Market value per m² of GLA

Net equivalent yield (weighted

average)*

EPRA net initial yield**

Revaluation during

12M 2015

EPRA Occupancy

m² €m € % % €m %

Poland 24 535,800 1,514.1 2,826 6.5% 6.5% 27.2 96.6%

Czech Republic 18 203,700 597.8 2,935 6.2% 6.1% 22.7 97.7%

Slovakia 3 65,600 148.1 2,258 7.4% 7.4% 2.3 98.7%

Core Markets 45 805,100 2,260.0 2,807 6.5% 6.5% 52.2 97.1%

Russia 7 240,900 275.3 1,143 12.7% 12.3% -98.3 94.4%

Romania 1 54,100 71.0 1,313 8.7% 7.9% 0.1 99.5%

Hungary 23 100,900 64.8 642 9.7% 10.5% -4.6 97.7%

Latvia 1 20,400 11.9 582 10.1% 8.9% 1.9 95.3%

Total Group 77 1,221,400 2,682.9 2,197 7.3% 7.2% -48.7 96.7%

Atrium owns 77 shopping centres and smaller retail properties

84% of the total standing investments portfolio is located in our Core Markets,

with Poland exceeding 56%

The top 10 assets:

Represent 59% of Atrium’s standing investments’ portfolio value

7 are located in Poland, 2 in the Czech Republic and 1 in Slovakia

As of 31st Dec. 2015, €117.5m are held for sale (out of which €102.6m were sold in Feb. 2016)

* The external appraisers’ equivalent yield is a weighted average yield that takes into consideration estimated rental values, occupancy rates and lease expiries

** The EPRA Net initial yield is calculated as the annualised net rental income divided by the market value All numbers incl. the 75% stake in Arkady Pankrac (Prague, the Czech Republic) and the SIs held for sale

MARKET VALUE PER COUNTRY

56.5% 22.3%

5.5%

10.3%

2.6% 2.4% 0.4%

Poland (56.5%)

Czech Republic (22.3%)

Slovakia (5.5%)

Russia (10.3%)

Romania (2.6%)

Hungary (2.4%)

Latvia (0.4%)

6

RESILIENT INCOME: STRONG TENANTS, LONG LEASE DURATION

LEASE EXPIRY BY ANNUALISED RENTAL INCOME

11.3% 11.0%

21.9%

12.7% 10.5%

30.9%

1.7%

0%

10%

20%

30%

40%

50%

2016 2017 2018 2019 2020 >2020 Indefinite

TENANT MIX BY ANNUALISED RENTAL INCOME

39%

14% 12%

12%

8%

5% 4%

3%

2% 1%

Fashion Apparel (39%)

Hyper/Supermarket (14%)

Home (12%)

Speciality goods (12%)

Health and Beauty (8%)

Restaurants (5%)

Entertainment (4%)

Services (3%)

Non Retail (2%)

Specialty Food (1%)

Fashion Apparel tenants generate 40% of income (c.30% of GLA),

and Hyper/ Supermarket retailers generate 14% (23% of GLA)

The tenant mix with large exposure to food retailing and everyday

necessities has proven its economic resilience

The long duration of lease contracts and the wide range of

expiries provide resilient income streams

Average lease duration is 5.1 years

7

Group name

Main brands % of ARI*

(Annualised Rental Income)

International presence

Sales 2014 € Bn, worldwide

S&P credit rating (if rated)

Ahold 4.6% 3,253 stores/

4 countries 32.8 BBB/ Stable

AFM 3.5% 1,752 stores/ 15 countries

53.5 A-/ Negative

Metro Group 3.4% 2,068 stores/ 31 countries

59.2 BBB-/ Stable

LPP 3.3% 1,627 stores/ 17 countries

1.2 -

Hennes & Mauritz

2.2% 3,900 stores/ 61 countries

18.6 -

Inditex 2.1% 6,900 stores/ 88 countries

18.1 -

Kingfisher 1.5% 900 stores/ 8 countries

14.1 BBB/ Stable

EMF 1.2% 657 stores/ 7 countries

0.6 -

ASPIAG 1.2% 12,314 stores/

40 countries 31.9 -

Tengelmann Group

1.2% 4,170 stores/ 19 countries

8.1 -

Top 10 tenants 24.2%

TOP 10 TENANTS - WELL-KNOWN GLOBAL RETAILERS

* Including 100% of Arkady Pankrac

8

41%

37%

18%

4% Poland (€125.7m)

Turkey (€115.3m)

Russia (€55.6m)

Other (€12.9m)

RATIONALISED DEVELOPMENT PIPELINE MITIGATES RISK

€309.4M fair value, representing 10% of our total real estate portfolio

March 2014: Atrium’s largest project – Atrium Felicity (74,100 m² GLA) in Lublin, Poland

March 2015: extension of Atrium Copernicus in Torun, Poland (+17,300 m² of GLA)

Atrium Promenada extension and redevelopment (Stage 1): investment cost of Stage 1 estimated at €49m.

The overall project entails a major extension of 44,000 m² and a remodelling of the existing shopping centre

(incremental costs to completion of the first stage as of 31.12.2015 are €32m). The first significant step of

Stage 1 was completed with the new 3,000 m² H&M flagship store opening on 9th March 2016

ATRIUM FELICITY

ATRIUM PROMENADA EXTENSION

DEVELOPMENT AND LAND PER COUNTRY

COMPLETED PROJECTS

ONGOING PROJECTS

9

SOLID DEBT PROFILE

Atrium has a strong Balance Sheet with €224m of cash,

gross LTV of 33.8% and net LTV of 26.3%

The weighted average debt maturity is 5.7 years

Average cost of debt at 3.7%

The unencumbered standing investments portfolio

proportion is 80%, up from 60% as at YE-2014

- 4 - -

347

-

503

854

1 49 2 2 2 102

-

159

2016 2017 2018 2019 2020 2021 2022 Total

Bonds Bank Loans

DEBT MATURITY (€M)

BBB-/ STABLE RATING FROM S&P AND FITCH

LATEST TRANSACTIONS

€150m 2022 bond tap @2.9% yield (May)

€105m early repayment of Promenada loan at CoD of 4.7% (May)

€81m of Bond ’05 buybacks; remaining outstanding amount at €3.9m. Collateral reduced by €400m

5-year unsecured RCF increase by €100m, €150m undrawn in total

KEY METRICS

10

STRATEGIC FOCUS & FUTURE GROWTH

* Subject to any legal and regulatory requirements and restrictions of commercial viability

CORPORATE VISION: The Group’s vision is to remain one of the leading owners and managers of food anchored shopping centres in Central

Europe and for the Atrium brand to become a hallmark of high quality retail for consumers and retailers

MILESTONE 1: Solid investment grade rating

Long-term leverage target of net debt to real estate value of 35%

Long-term target for development & land bank <15% of total real estate asset

MILESTONE 2: Sustainable dividend

FINANCIAL TARGETS:

LIQUIDITY - Significant liquid funds directly available for investments

DEVELOPMENT & LAND - Monetise the land bank through selective development or divestment

EXTENSIONS - Redevelopment and extension potential

THREE KEY DRIVERS OF FUTURE GROWTH:

0.24 0.25

0.28

0.32 0.34

0.36 0.33

0.03 0.12

0.14 0.17

0.21 0.24

0.27 0.27

0.00

0.10

0.20

0.30

0.40

2009 2010 2011 2012 2013 2014 2015 2016

Adjusted EPRA EPS Dividend per share p.a.

+12%

DIVIDEND CAGR (2010-16)

*

11

APPENDIX 1 – MACRO OVERVIEW

12

MACRO OVERVIEW OF OUR MARKETS

Macro Indicator Poland Czech

Republic Russia Slovakia Hungary Romania Latvia

Total/ Average*

France Germany

2015 Population (M people) 38.0 10.5 146.3 5.4 9.9 19.9 2.1 232.2 64.2 81.7

2015 GDP in PPP ($ Bn) 1,003.5 331.4 3,474.0 159.6 257.0 411.1 50.0 5686.6 2,647.0 3,842.0

2015 GDP per capita PPP ($) 26,403 31,480 23,744 29,424 26,075 20,698 24,620 26,063 41,222 47,033

2016f GDP per capita PPP ($) 27,654 32,622 23,876 30,817 27,098 21,796 25,818 27,097 42,128 48,203

2019f GDP per capita PPP ($) 32,621 36,970 26,356 35,929 30,843 25,633 30,956 31,330 46,435 53,027

2015e real GDP growth (%) 3.5% 3.9% -3.7% 3.2% 3.0% 3.4% 2.2% 2.2% 1.1% 1.5%

2016f real GDP growth (%) 3.5% 2.6% -1.0% 3.6% 2.5% 3.9% 3.3% 2.6% 1.3% 1.7%

2019f real GDP growth (%) 3.6% 2.2% 1.5% 3.2% 2.1% 3.2% 3.9% 2.8% 1.9% 1.3%

2015e retail sales growth (%) 3.1% 4.1% -10.0% 3.9% 4.3% 6.4% 5.1% 2.4% 1.4% 1.1%

2016f retail sales growth (%) 3.9% 3.5% -5.0% 3.9% 3.6% 5.6% 5.4% 3.0% 1.4% 1.2%

2019f retail sales growth (%) 4.3% 2.9% 6.8% 3.3% 4.2% 6.8% 4.9% 4.7% 1.5% 1.2%

2015e Unemployment (%) 7.5% 5.2% 6.0% 11.9% 7.3% 6.9% 10.4% 7.9% 10.2% 4.7%

2016f Unemployment (%) 7.2% 4.9% 6.5% 11.1% 7.0% 6.8% 10.2% 7.7% 9.9% 4.7%

2019f Unemployment (%) 7.2% 4.9% 6.0% 10.0% 6.2% 6.5% 9.4% 7.2% 9.3% 4.6%

2015e Inflation (%) 0.1% 0.5% 13.5% 0.5% 2.0% -0.5% 1.9% 2.6% 0.1% 0.2%

2016f Inflation (%) 1.6% 1.9% 8.5% 1.6% 2.4% 1.1% 1.7% 2.7% 1.0% 1.2%

2019f Inflation (%) 2.5% 2.0% 4.0% 2.0% 3.0% 2.5% 1.9% 2.6% 1.5% 1.8%

* Simple arithmetic average for comparison purposes Sources: IMF, Oxford Economics, PMR

13

Macro Indicator Poland Czech

Republic Russia Slovakia Hungary Romania Latvia Average France Germany

2015 Consumer spending growth (%) 3.1% 2.9% -9.4% 2.2% 2.6% 4.7% n.a. 1.0% 1.4% 1.9%

2016f Consumer spending growth (%) 3.1% 2.7% -4.2% 2.7% 2.1% 4.6% n.a. 1.8% 1.4% 2.0%

10-year Interest rate, 2015 (%) 2.9% 0.6% 9.8% 0.8% 3.4% 1.7% n.a. 3.2% 1.0% 0.6%

10-year Interest rate, 2016f (%) 3.0% 1.4% 9.1% 1.5% 3.5% 3.3% n.a. 3.6% 1.5% 1.2%

2015 Avg. gross monthly wage (€) 985 967 672 881 800 577 n.a. 814 n.a. n.a.

2016f Avg. gross monthly wage (€) 1,030 1,006 726 910 865 604 n.a. 857 n.a. n.a.

2015 Monthly Retail sales per capita (€) 290 289 232 269 182 145 n.a. 235 n.a. n.a.

2016f Monthly Retail sales per capita (€) 301 299 255 279 189 154 n.a. 246 n.a. n.a.

Nov.'15 Retail trade volume change y-o-y * (%) 7.9% 5.6% -13.1% 3.2% 4.3% 14.6% 0.7% 3.3% 1.0% 2.3%

Dec.'15 Retail trade volume change y-o-y * (%) 7.3% 5.5% -15.3% 2.7% 4.5% 14.5% 2.5% 3.1% 2.4% 2.5%

Jan.'16 Retail trade volume change y-o-y * (%) 7.5% n.a. n.a. 0.5% 2.1% 15.6% 3.0% 5.7% 1.9% 2.3%

Consumer Confidence Indicator**, Dec.'15 -12.3 4.1 n.a. -10.7 -18.9 -20.6 -8.4 -11.1 -14.7 -4.2

Consumer Confidence Indicator**, Jan.'16 -11.4 6.6 n.a. -5.4 -16.2 -17.9 -8.2 -8.8 -12.1 -5.8

Retail Confidence Indicator**, Dec.'15 1.4 19.4 n.a. 14.8 9.2 6.2 3.5 9.1 -8.1 1.7

Retail Confidence Indicator**, Jan.'16 1.8 22.1 n.a. 13.2 10.5 6.4 4.4 9.7 -4.2 1.3

Country rating/ outlook - Moody's A2/ stable A1/ stable Ba1/ under review A2/ stable Ba1/ positive Baa3/ positive A3/ stable n.a. Aa2/ stable Aaa/ stable

Country rating/ outlook - Standard & Poor's BBB+/ negative AA-/ stable BB+/ negative A+/ stable BB+/ stable BBB-/ stable A-/ stable n.a. AA/ negative AAA/ stable

Country rating/ outlook - Fitch A-/ stable A+/ stable BBB-/ negative A+/ stable BB+/ positive BBB-/ stable A-/ stable n.a. AA/ stable AAA/ stable

Atrium country exposure by NRI (12M2015) 51.3% 16.7% 19.6% 5.7% 3.2% 2.9% 0.5% 100.0%

Atrium country exposure by MV at 31/12/15 56.5% 22.3% 10.3% 5.5% 2.4% 2.6% 0.4% 100.0%

MACRO OVERVIEW OF OUR MARKETS (CONTINUED)

* Adjusted for inflation & seasonal effects ** Households’ & retailers’ near-future expectations Sources: Eurostat, C&W, PMR

14

COUNTRY & REAL ESTATE RISK/ YIELD

YIELDS ON 10Y BONDS IN LOCAL CURRENCIES, JAN 2011- MARCH 2016

Sources: Bloomberg, C&W

Country

Sovereign ratings

10Y gov. bond

yield, local currency

Prime shopping

centre gross yield*

Spread from SC yield to 10Y gov.

bond yields

Fitch March 2016

C&W (4Q15)

Russia BBB- 9.21% 11.00% 1.79%

Romania BBB- 3.37% 7.75% 4.38%

Hungary BB+ 3.21% 6.75% 3.54%

Poland A- 2.97% 5.50% 2.53%

Slovakia A+ 0.41% 5.50% 5.09%

Czech Rep. AAA 0.30% 5.00% 4.70%

Germany A+ 0.24% 3.95% 3.71%

* Except Germany - net

15

APPENDIX 2– ANALYSTS’ PRESENTATION

16

Core Markets¹: NRI increased 8%; LFL NRI increased by 0.7% to €112.2m

Russia continues to impact the Group’s overall performance OPERATIONAL PERFORMANCE

KEY EVENTS IN 2015 AND 2016 YTD

June 2015: acquisition of a 75% JV interest in Arkády Pankrác Centre, Prague for €162m² Value at 31/12/2015: €168.5m (Atrium’s share) Completed strategic sales of 3 portfolios of non-core assets in the Czech Republic for a value of €69m, €14m and €103m in Jan. 2015, Oct. 2015 and Feb. 2016 respectively; 3.3% above book value on a weighted average basis

ACQUISITIONS / DISPOSALS

March 2015, the enlarged 47,400 sqm GLA Atrium Copernicus was opened in Toruń, Poland, after completion of a 17,300 sqm extension

Extension and refurbishment of Atrium Promenada (Stage I) due to open later in 2016, adding

7,800 sqm GLA

DEVELOPMENTS AND EXTENSIONS

May 2015: 2022 bond tap €150m @ 2.9% yield and the early repayment of €105m³ bank loan

at 4.7% interest Completed €81m 2005 bond buy back@ 4% reduced collateral by €400m Oct. 2015: increased the 5 year unsecured RCF by €100m to a total amount of €150m Cash as at 31 December 2015: €224m, net LTV 26.3%

DEBT / LIQUIDITY

Legal provision increased by €20m – in Jan. 2016 Atrium announced the resolution of the Dutch litigation case and the establishment of an arrangement to create a compensation fund to resolve the ongoing Austrian Litigation

OTHER

¹ “Core Markets” - Poland, Czech Republic, Slovakia ² Included in all presentation metrics ³ Including accrued interest, fees and breakage of swap

17

FINANCIAL HIGHLIGHTS: INCOME STATEMENT

12M 2015 12M 2014 CHANGE CHANGE

€M €M €M %

Net rental income 197.9 204.0 (6.1) (3.0%)

EPRA like-for-like net rental income 164.2 183.8 (19.5) (10.6%)

Net rental income excluding Russia 159.1 148.7 10.4 7.0%

EPRA like-for-like net rental income excluding Russia 125.5 124.9 0.6 0.5%

EBITDA Excluding revaluation,

disposals and impairments

12M 2015

€148.8m

12M 2014

€174.0m

OPERATING MARGIN

Increased slightly

12M 2015

95.4%

12M 2014

95.1%

COMPANY ADJUSTED EPRA EARNINGS

12M 2015

€125.2m

12M 2014

€134.8m

COMPANY ADJUSTED EPRA EPS

12M 2015

33.3 €cents

12M 2014

35.9 €cents

18

101.5

33.1

11.3

38.7

6.4 5.8 1.1

Poland (€101.5m) (2015: 51.3%, 2014: 44.9%)

Czech Republic (€33.1m) (2015: 16.7%, 2014: 15.9%)

Slovakia (€11.3m) (2015: 5.7%, 2014: 5.5%)

Russia (€38.7m) (2015: 19.6%, 2014: 27.1%)

Hungary (€6.4m) (2015: 3.2%, 2014: 3.3%)

Romania (€5.8m) (2015: 2.9%, 2014: 2.9%)

Latvia (€1.1m) (2015: 0.6%, 2014: 0.5%)

2015 NRI per country

Improving the quality of the Group’s portfolio through selective rotation of the properties and focusing on larger scale, well-established shopping centres which dominate their catchment areas in Atrium’s Core Markets

8% NRI growth in our Core Markets

EPRA LFL NRI in our Core Markets ↑0.7% / Russia ↓34%

Maintained a high occupancy rate of 96.7%

NET RENTAL INCOME 2015

TOTAL €197.9m

19

RENTAL INCOME HIGHLIGHTS (IN €M) CORE MARKETS UP, OFFSET BY RUSSIAN PERFORMANCE

214.5

207.4

12M 2014 12M 2015

Gross rental income

RU: -€19.3m

-3%

Exc. RU: +€12.1m

204.0

197.9

12M 2014 12M 2015

Net rental income

RU: -€16.6m

-3%

Exc. RU: +€10.4m

95.1%

95.4%

12M 2014 12M 2015

Operating margin (%)

RU: 0.8ppt

0.3ppt

Exc. RU: -0.5ppt

189.3 170.5

12M 2014 12M 2015

EPRA like-for-like GRI

RU: -€18.9m

-10%

Exc. RU: +€0.1m

183.8 164.2

12M 2014 12M 2015

EPRA like-for-like NRI

RU: -€20.1m

-11%

Exc. RU: +€0.6m

35.9 33.3

12M 2014 12M 2015

Adj. EPRA EPS (€cents)

RU: -€2.9cents

-7%

Exc. RU: +€0.3cents

20

Core Markets NRI growth driven by:

Acquisitions: Bydgoszcz and Palac Pardubice - completed in Nov 2014, Arkady Pankrac – in June 2015

Developments: Atrium Felicity - opened in March 2014, Copernicus extension - opened in March 2015

Strategic sales of 77 non-core properties in the Czech Republic in 2015 (72 – Jan. 2015, 5 – Oct. 2015)

Interest expense: bonds issued in Oct. 2014 and May 2015

Note: For more details see page 29 of 2015 Annual report

10 2 2

(17)

(2) (5) 135

125

Adj. EPRA earnings2014

NRI growthexcl. Russia

NRI impactRussia

Administrativeexpenses

Costs connected withdevelopment

Finance expenses Tax Adj. EPRA earnings2015

Company adjusted EPRA earnings (€M)

35.9 €cents 33.3 €cents

Adj. EPRA earnings 2015

Adj. EPRA earnings 2014

COMPANY ADJ.EPRA EARNINGS €125M

21

(12)

(22)

1

(2)

-

(6)

(41)

13

(28)

(9)

(33)

1

(8) (5) (6)

(60)

(2)

(62)

Loansinterest

Bondsinterest

Incomeinterest

Net lossfrom bondbuy back

Earlyrepayment

of a loan Other, netTotal

before FX

Foreigncurrency

differences Total

Net financial expenses (€M)

12M 2014

12M 2015

↑€11m bond interest - 2014 bond issuance

↓€3m loan interest - early repayment of a bank loan

Total before FX Total

FINANCIAL EXPENSES

22

FINANCIAL HIGHLIGHTS: BALANCE SHEET

WEIGHTED AVERAGE OCCUPANCY (EPRA)

31/12/2015

96.7%¹

31/12/2014

97.4%³

31/12/2015 31/12/2014 Change Change

€M €M €M %

Standing investments 2,683¹ 2,592³ 91 3.5%

Developments and land 309² 365 (56) (15.2%)

Cash and cash equivalents 224 421 (197) (46.6%)

Short and long term provisions 23 3 20

Borrowings 1,013 1,068 (55) (5.2%)

IFRS NAV per share €5.40 €5.62 (€0.22) (3.9%)

EPRA NAV per share €5.64 €6.08 (€0.44) (7.2%)

No. OF STANDING INVESTMENTS

31/12/2015

77¹

31/12/2014

153³

WEIGHTED AVERAGE OCCUPANCY (GLA)

31/12/2015

96.9%¹

31/12/2014

97.1%³

¹ Including a 75% stake in Joint Ventures and €117.5m (representing 10 assets in the Czech Republic and 3 assets in Poland) classified as held for sale as at 31.12.2015 ² Including €1.6m (representing 1 asset in Poland) classified as held for sale as at 31.12.2015 ³ Including 72 properties in the Czech Republic classified as held for sale as at 31.12.2014

PROVISIONS ↑20m:

Jan. 2016: Atrium announced the resolution of the Dutch litigation case and the establishment of an arrangement to create a compensation fund through which to resolve disputes currently being litigated in Austrian civil courts and submissions by individuals to join pending criminal proceedings

The Company’s best estimate for the expenditures required to address the obligation is €21m and a provision has been recorded for 31 December 2015

€17m increase relative to 30/9/2015 provision of €4.5m

€20m increase relative to 31/12/2014 provision of €1.2m

23

STANDING INVESTMENTS

Core Markets = 84% of total portfolio and €146m (74%) of total NRI in 2015

Atrium’s top 10 investments:

represent 59% of the standing investments portfolio by value (36% by GLA)

7 in Poland, 2 in the Czech Republic, 1 in Slovakia

Weighted average net equivalent yield is 7.3%; Russia 12.7%

Disposals in Czech Republic – Jan. 15, 72 assets for €71m

Oct. 15, 5 assets for €14m

Market value per country

56.5%

22.3%

5.5%

10.3%

2.4% 2.6% 0.4%

Poland

Czech Republic

Slovakia

Russia

Hungary

Romania

Latvia

¹ Including €71m - 72 assets classified as held for sale as at 31/12/2014

169

31 28

44

3

(85) (98)

2,591¹

2,683²

31.12.2014 Arkady Pankrac Completion ofCopernicusextension

Capex Disposals in CzechRepublic

Revaluation DevaluationRussia

Other 31.12.2015

Standing investments roll forward (€M)

² Including €102m - 10 Czech assets classified as held for sale as at 31/12/2015 Including €16m – 3 Polish assets classified as held for sale as at 31/12/2015

TOTAL €2,683m

24

REDEVELOPMENTS AND LAND

40.6%

37.3%

18.0%

4.1%

Poland (€125.7m)

Turkey (€115.3m)

Russia (€55.5m)

Other (€12.9m)

Market value per country

Developments and land are at 10% of total portfolio

Actively looking to monetize the developments of the portfolio

¹ Including €1.6m (representing 1 asset in Poland) classified as held for sale as at 31.12.2015

TOTAL €309m

25 (50)

(31) 365

309¹

31.12.2014 Additions/constructions Devaluation (€45M Russia)

Completion ofCopernicus extension

31.12.2015

Developments and land roll forward (€M)

25

AVERAGE MATURITY

31/12/2015: 5.7 years

31/12/2014: 5.5 years

DEBT AT FIXED RATE

31/12/2015:fixed100%

31/12/2014: 90%

NET LTV

31/12/2015: 26.3%

31/12/2014: 21.9%

UNSECURED DEBT

31/12/2015: 84%

31/12/2014: 65%

GROSS LTV

31/12/2015: 33.8%

31/12/2014: 36.1%

€105m early repayment of a bank loan , 4.7% interest

2022 bond tap with €150m, 2.9% yield

€81m 2005 bond buy back, 4% interest;

reduced level of collaterals by €400m

5 year unsecured RCF increase €100m, total €150m, undrawn

All bank loans and bond covenants are in compliance

S&P and Fitch reaffirmed the rating BBB-/stable

KEY TRANSACTIONS IN 2015:

- 4 - -

347

-

503

854

1 49 2 2 2 102

-

159

2016 2017 2018 2019 2020 2021 2022 Total

Debt maturity (€M)

Bonds

Bank Loans

€2.1bn / 80% of Standing investments are unencumbered as at 31/12/2015 (31/12/2014: 60%)

COST OF DEBT

31/12/2015: 3.7%

31/12/2014: 3.9%

DEBT OVERVIEW AS AT 31 DECEMBER 2015

26

DEBT / LIQUIDITY

€74m Disposal of 77 assets in the Czech Republic

€7m Sale of land, Turkey

(€164m) Purchase of Arkády Pankrác, Czech Republic

(€45m) Standing investments and development capex

(€133m) NET CASH USED IN INVESTING ACTIVITIES

(€178m) NET CASH USED IN FINANCING ACTIVITIES

(€102m) Dividends

(€87m) Bond buy back

(€31m) 2005 bonds payment

(€105m) Bank loan repayment

€156m Bond tap

117 (133)

(178)

(3)

421

224

Cash and cash equivalentsat 31.12.2014

Net cash generated fromoperating activities

Cash flows used ininvesting activities

Cash flows used infinancing activities

FX on cash and other Cash and cash equivalentsat 31.12.2015

31 December 2015 Cash flow(€m)

CASH AS AT 31 DECEMBER 2015 €224M

27

DISCLAIMER

This document has been prepared by Atrium (the “Company”). This document is not to be reproduced nor distributed, in whole or in part, by any person other than the Company. The Company takes no responsibility for the use of these materials by any person.

The information contained in this document has not been subject to independent verification and no representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company, its shareholders, its advisors or representatives nor any other person shall have any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection with this document.

This document does not constitute an offer to sell or an invitation or solicitation of an offer to subscribe for or purchase any securities, and this shall not form the basis for or be used for any such offer or invitation or other contract or engagement in any jurisdiction.

This document includes statements that are, or may be deemed to be, “forward looking statements”. These forward looking statements can be identified by the use of forward looking terminology, including the terms “believes”, “estimates”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case their negative or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts. They appear in a number of places throughout this document and include statements regarding the intentions, beliefs or current expectations of the Company. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward looking statements are not guarantees of future performance. You should assume that the information appearing in this document is up to date only as of the date of this document. The business, financial condition, results of operations and prospects of the Company may change. Except as required by law, the Company do not undertake any obligation to update any forward looking statements, even though the situation of the Company may change in the future.

All of the information presented in this document, and particularly the forward looking statements, are qualified by these cautionary statements. You should read this document and the documents available for inspection completely and with the understanding that actual future results of the Company may be materially different from what the Company expects.

This presentation has been presented in € and €m’s. Certain totals and change movements are impacted by the effect of rounding.

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